WASHINGTON, Jan. 28, 2019 /PRNewswire/ -- Maryland Cultivation and Processing (MCP), one of 18 companies in the State of Maryland pre-approved for the cultivation of medical-use cannabis, is pleased to announce that it has acquired 560 Western Maryland Parkway in Hagerstown, Maryland. The city of Hagerstown is welcoming its second cannabis cultivation business with a shared goal of creating jobs and growing the local economy.
"We welcome this new investment to the City of Hagerstown and the new jobs the company will bring to our community," said Jill Thompson, Director of Community & Economic Development for the City of Hagerstown. "The company has a demonstrated reputation in its industry and will be a perfect addition to our business community."
Centrally located in the Mid-Atlantic and serviced by an active CSX railroad line, the 12-acre parcel and 36,000 square foot manufacturing and distribution warehouse will be converted by MCP into a medical cannabis cultivation complex in two phases:
- Phase 1 includes the buildout of new, state-of-the-art indoor cultivation space in its 36,000 sf warehouse, and
- Phase 2 will be comprised of 45,000 square feet of state-of-the art, glass roof "Dutch" greenhouse.
Maryland's medical cannabis industry is experiencing a surge in growth, with sales of roughly $100 million since the inception of the medical cannabis program over 12 months ago. Potential demand has nearly quadrupled since the program became operational with 70,000 registered patients today vs 20,000 shortly after the program's adoption. With nearly 300 new applications filed daily and future sales predicted to reach $500 million by 2025 the Maryland market is poised for a bright future. MCP's founders, Edward Weidenfeld and Andras Kirschner, bring best in class cannabis cultivation practices from their established Washington, D.C. cultivation facility, Phyto Management LLC (Phyto), which produces and sells its products under the District of Columbia's most popular brand, "District Cannabis". "We have a proven track record in the District of Columbia, one which we're extremely proud of," said Edward. "The opportunity to expand our reach into Maryland and bring with it the quality and expertise that is synonymous with our brand was a natural transition."
Phyto's cultivation center in the District of Columbia produces the highest quality flowers and pre-rolls and a diverse line of distilled and infused products including vaporizer cartridges, capsules, tinctures, lozenges, salves, bath soaks, and suppositories, all under the District Cannabis brand. Phyto's production capacity has been expanded more than three times this past year to meet demand for medical cannabis in the District of Columbia.
MCP will leverage its founder's cannabis cultivation experience and the success of the District Cannabis brand when it begins to grow medical use cannabis in Maryland this spring. This second license in the Mid-Atlantic region represents another step towards District Cannabis becoming the east coast's leading connoisseur brand.
Coupled with the new transition into Maryland, District Cannabis has also elected to enhance their senior management team through the addition of Eric Ross. Eric, who will serve as the company's President, will manage existing businesses and navigate strategic imperatives for the company going forward.
"Eric has been a key advisor to us for some time and has been central in navigating our strategic outlook," said Andras. "Eric's background in finance, financial controls, capital raising, strategic planning, M&A and investor relations is a perfect complement to our collective skill sets and we believe Eric will make a major contribution in helping us grow our DC and Maryland operations and as we seek additional opportunities to grow our brand in other limited license states."
About District Cannabis
District Cannabis Management, through its affiliates, grows and processes connoisseur grade medicinal cannabis and cannabis extracts. The District Cannabis brand starts with the highest quality flower and its product line includes pre rolls, as well as an expanding line of distilled and infused products including vaporizer cartridges, capsules, tinctures, lozenges, salves, bath soaks and suppositories. Since inception, the Company's mission is to enhance the quality of life for its patients. District Cannabis Management affiliates are licensed to use the District Cannabis brand, and currently operate in the Washington D.C. and Maryland medical cannabis markets. The Company is committed to a progressive expansion nationally. For more information, visit www.districtcannabis.us
SOURCE District Cannabis